A Calcbench Analysis. Operating Leases: What Lies Beneath. Next Generation Interactive Financial Data
|
|
- Wendy Foster
- 5 years ago
- Views:
Transcription
1 A Calcbench Analysis Operating Leases: What Lies Beneath Next Generation Interactive Financial Data
2 Introduction Operating Leases Do not appear on the balance sheet today, however under new FASB regulation ASU *, companies will now have to include lease liabilities starting December 2018 Calcbench can help expose the details Access to every lease footnote filed to the SEC Term structures of leasing arrangements Sector level summaries Changes in leasing obligations over time Using our exclusive Excel template, analyze present value of all lease obligations across firms Our Process Using a discount function**, calculated total lease liabilities for over 1,500 companies Implied lease years generated by taking a weighted average of the remaining lease term*** Computed implied liability increase (if total lease liability was included in the total liabilities) * **Our discount function used an interest rate of 3% that was scaled by 50 basis points per year ***The equation to find implied lease years is as follows: thereafter period lease payment divided by the average first five years of lease payments plus five
3 $ Comparative Lease Liabilities of Firms with Liabilities >$0 (USD Billion, 2016) $ $ $ $ $ $ $ $50.00 S & P firms, Avg. Lease Liability $1 Billion Firms Not in the S&P firms, Avg. Lease Liability $115.6 Million $- S&P 500 Firms not in S&P500
4 Top 10 Firms with Greatest Total Operating Lease Liability (2016) Total Lease Liability Implied Lease years Total Interest Expense Ratio (1:5) Total Liabilities (Balance Sheet) At&T Inc. $23,116,510, $1,023,299, $279,711,000,000 Walgreens Boots Alliance, Inc. $22,824,318, $1,056,262, $42,407,000,000 CVS HEALTH Corp $18,163,528, $841,207, $57,628,000,000 Verizon Communications Inc $14,380,100, $621,367, $220,148,000,000 American Airlines Group Inc. $10,595,916, $447,821, $47,489,000,000 Delta Air Lines Inc /DE/ $9,549,985, $429,886, $38,974,000,000 Bank Of America Corp /DE/ $8,804,958, $402,552, $1,920,862,000,000 Mcdonalds Corp $8,622,948, $393,645, $33,228,200,000 Jpmorgan Chase & Co $8,173,757, $352,689, $2,236,782,000,000 Amazon Com Inc $7,467,050, $328,842, $64,117,000,000
5 Top 25 Firms with Implied Liability (2016) Total Lease Liability Implied Lease Years Implied Liability Increase Potbelly $240,257, % Chipotle Mexican Grill $2,290,533, % Yelp $253,360, % Tile Shop Holdings $282,255, % Fiesta Restaurants $350,408, % Zoe's Kitchen $165,584, % Vitamin Shoppe $545,458, % Granite Falls Energy $25,931, % SP Plus $826,971, % Crocs $264,343, % Tractor Supply Co $1,928,288, % Whole Foods Market $4,901,460, % Skechers Usa $1,078,837, % Shopify $113,521, % NOODLES & Co $252,452, % Sprouts Farmers Market $1,019,713, % Bassett Furniture Industries $124,766, % Kite Pharma $117,308, % Marketaxess Holdings $72,184, % CC Holdings $1,281,523, % Strayer Education $120,027, % Select Comfort $319,709, % Marin Software $20,962, % Bravo Brio Restaurants $194,848, % Cheesecake Factory $697,751, %
6 Data by Economic Sector Total Lease Liability ($MM) Firm Count Avg. Total Lease Liability ($MM) Consumer Discretionary $175, $464 Financials $135, $325 Industrials $82, $300 Information Technology $45, $293 Telecommunication Services $44, $2,028 Consumer Staples $34, $328 Energy $34, $264 Healthcare $20, $295 Materials $12, $131 Utilities $847 2 $423 TOTAL: $586, $4,853 Consumer discretionary has the largest sum of total lease liability. What does this mean for individual firms that fall into that category? We decided to take a closer look.
7 Example of Whole Food s 10K Filing for 2016* *Period Ending: 9/25/2016 (from 10-K reported on 11/18/2016
8 Example of Chipotle s 10K Filing for 2016* *Period Ending: 12/31/2016 (from 10-K reported on 2/7/2017)
9 Takeaways $586 Billion in debt through operating leases that firms are not required to put onto their balance sheets until December 2018 By our account, over 25 firms will have under-reported their leasing liabilities by over 100% (refer to slide) FASB regulation ASU will have a large impact on firms balance sheets This is especially true for S&P500 companies due to their outstanding amount of lease liabilities Consumer discretionary is the biggest lessee, meaning this sector will be most effected by the new FASB regulation Calcbench can get you this information faster than anyone else
10 About the Authors Pranav Ghai CEO & CO-FOUNDER Pranav is an analytics professional whose career has been based in financial services, with time spent at Morgan Stanley and ITG. He is also a new addition to the board of directors at XBRL-US. Pranav graduated with a BS from Bates College and an MS in Applied Mathematics from the Courant Institute at New York University. Danielle Cohen Intern Danielle is a student at Bates College, scheduled to graduate in 2019, and matriculated from the Ethical Culture Fieldston School in New York City. She works as the Economics department research assistant, is a manager of The Ronj coffee shop on campus and actively participates in the Investment Club.
11 Try Calcbench Today! ABOUT THIS REPORT: This report was created using data analyzed via Calcbench s Premium Suite, an online interactive platform that helps finance leaders access and analyze financial data thoroughly and efficiently. Our accessible and intuitive platform can aid in better understanding competitor financials, identifying potential risk areas, analyzing trends across industry sectors, or conducting more effective due diligence. Sign up for a 2 week free trial at or contact us at us@calcbench.com or via
Stock Repurchases in the US
Stock Repurchases in the US What can our data tell you about share repurchases and associated trends?* Executive Summary Calcbench analyzed 21 quarterly periods going back to through 2017 18,458 firm quarter
More informationMacro through Micro Fourth Quarter 2014
Macro through Micro Fourth Quarter 2014 Technology enables access to data in ways that were not possible prior. Calcbench is designed to help finance leaders collect and analyze hard to find competitor,
More informationWE ARE THE 22.8 PERCENT:
WE ARE THE 22.8 PERCENT: Analysis of tax rates paid by the S&P 500. By Matt Kelly, Radical Compliance Pranav Ghai, Calcbench Complete data set also available for download In this world nothing can be said
More informationCrude Oil, Petroleum and Natural Gas Summary
$300,000,000,000 Revenue $250,000,000,000 $200,000,000,000 $150,000,000,000 $50,000,000,000 Revenue up by 35%. Revenue up 23% YoY. 1 Top 10 Firms 8.4% 7.9% 47.1% 7.8% 7.4% 2.0% 2.1% 3.2% 3.9% 5.6% 4.5%
More informationCalcbench Guide - Analyzing Income Tax Disclosures
Calcbench Guide - Analyzing Income Tax Disclosures What s Inside? Get Started: A. Using Calcbench s online platform B. Using Calcbench s Excel Add-in Analyze Tax Disclosure Text: C.Quickly read & compare
More informationSAB 74 DISCLOSURE ANALYSIS FOR LEASE ACCOUNTING
SAB 74 DISCLOSURE ANALYSIS FOR LEASE ACCOUNTING Top 100 US Public Companies Ranked By Leasing Obligations ASC 842 LEASE ACCOUNTING STANDARDS TABLE OF CONTENTS Executive Summary... 3 SAB 74 Disclosures...
More informationSMART BETA REBALANCE SUMMARY USA SINGLE FACTORS
SMART BETA REBALANCE SUMMARY USA SINGLE FACTORS NOVEMBER 2018 Momentum Index Sector Neutral Quality Index Enhanced Value Index Additions 69 18 16 Deletions 67 18 13 Turnover % 54% 21% 24% Wtd. Avg. Market
More informationJPMorgan Intrepid Growth Fund Schedule of Portfolio Investments as of March 31, 2018 (Unaudited)
Schedule of Portfolio Investments as of March 31, 2018 (Unaudited) THE UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS LIST ( the List ) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED
More informationPowered by Artificial Intelligence OUT
Powered by Artificial Intelligence SUMMARY OF CHANGES IN OUT Square Inc Valeant Pharmaceuticals Intern Kite Pharma Inc Target Corp Oracle Corp Ionis Pharmaceuticals Inc Blackstone Group LP/The Lam Research
More informationStatement of Investments July 31, 2015 (Unaudited)
Statement of Investments Nationwide HighMark Balanced Fund Common Stocks 64.9% Shares Aerospace & Defense 1.0% Honeywell International, Inc. 1,407 $ 147,805 Air Freight & Logistics 0.4% United Parcel Service,
More informationResearch. Capabilities. Fundstrat Global Advisors 150 East 52 nd St, 31 st floor New York, NY Bloomberg: FSGA <<GO>>
Fundstrat Global Advisors 150 East 52 nd St, 31 st floor New York, NY 10022 For Reg AC certification and other important disclosures, see slide 11. www.fundstrat.com Bloomberg: FSGA Research Capabilities
More informationMeasuring Non-GAAP Metrics:
Calcbench & Radical Compliance June 2016 Measuring Non-GAAP Metrics: A Look at Adjusted Net Income Introduction The U.S. Securities & Exchange Commission and other influential voices in the financial reporting
More informationRETAIL SALES & PERFORMANCE
RETAIL SALES & PERFORMANCE Executive Search For The Retail World P: 530.432.1966 www.retailsearchgroup.com RETAIL MONTHLY RESULTS December 2017 December 2017 Change vs December 2016 December 2017 change
More informationRETAIL SALES & PERFORMANCE
RETAIL SALES & PERFORMANCE Executive Search For The Retail World P: 530.432.1966 www.retailsearchgroup.com RETAIL MONTHLY RESULTS May 2017 June 2017 May 2017 Total Sales (000) Change vs May 2016 May 2017
More informationAn Investment Analysis Case Study
An Investment Analysis Case Study This case is a group project that is due on April 2, before class at 10.30. Stating the obvious: Each group will turn in one report (sounds obvious, but might as well
More informationstrategy m a t t e r s Executive Forum Insurance 23rd annual Union League Club Chicago 7:30 11 a.m. October 15
strategy m a t t e r s r e s p o n d i n g i n u n c e r t a i n t i m e s 23rd annual 7:30 11 a.m. October 15 Insurance Executive Forum Union League Club Chicago Breakfast seminar for insurance executives
More informationRETAIL SALES & PERFORMANCE
RETAIL SALES & PERFORMANCE Executive Search For The Retail World P: 530.432.1966 www.retailsearchgroup.com RETAIL MONTHLY RESULTS September 2018 October 2018 Sept 2018 Total Sales (000) Change vs Sept
More informationApplied Portfolio Management Program. End-Year Presentation. Team Members
Applied Portfolio Management Program End-Year Presentation Karissa Baker Justin Brown Xueqian Chen Brett Engelhardt Jane Kliakhandler Nick Markham Mike Scott Weite Zhang Team Members 1 Outline Economic
More informationBUZ NYSE ARCA. Powered by Artificial Intelligence. BUZZ US SENTIMENT LEADERS ETF July 2018 Monthly Index Rebalance OUT SUMMARY OF CHANGES
Powered by Artificial Intelligence SUMMARY OF CHANGES IN BlackBerry Ltd KeyCorp TE Connectivity Ltd Biogen Inc Oracle Corp PepsiCo Inc Citigroup Inc Walgreens Boots Alliance Inc Darden Restaurants Inc
More informationJPMorgan Funds statistics report: Small Cap Growth Fund
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: Small Cap Growth Fund Offered on a limited basis - L Shares jpmorganfunds.com Table of contents PERFORMANCE ATTRIBUTION
More informationCAUTIONARY STATEMENTS
INVESTOR PRESENTATION NOVEMBER 2017 2 CAUTIONARY STATEMENTS Forward-Looking Statements This presentation includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions
More informationCHAPTER 2 ANALYZING TRANSACTIONS DISCUSSION QUESTIONS
Financial and Managerial Accounting 14th Edition Warren SOLUTIONS MANUAL Full clear download (no formatting errors) at: https://testbankreal.com/download/financial-managerial-accounting-14thedition-warren-solutions-manual/
More informationInvesting just got social
Investing just got social Summary of Changes IN COMPANY Activision Blizzard Inc. ConocoPhillips Costco Wholesale Corp. Freeport-McMoRan Inc. Kroger Co. Southwest Airlines Co. PayPal Holdings Inc. QUALCOMM
More informationPowered by Artificial Intelligence OUT
Powered by Artificial Intelligence SUMMARY OF CHANGES IN OUT Snap Inc Macy s Inc Cisco Systems Inc Mattel Inc Wells Fargo & Co Western Digital Corp Chipotle Mexican Grill Inc Under Armour Inc General Motors
More informationForm ADV Part 2B. Yellowstone Partners, LLC. Date of Brochure: June 19, Information Regarding:
Item 1 Cover Page Form ADV Part 2B Yellowstone Partners, LLC 3340 Merlin Drive Idaho Falls, Idaho 83404 Phone: (208) 612-1000 www.yellowstonepartners.com Date of Brochure: June 19, 2014 Information Regarding:
More informationJohn Hancock Retirement Income 2040 Fund
621Q3 John Hancock Retirement Income 2040 Fund Quarterly portfolio holdings 9/30/17 Fund s investments As of 9-30-17 (unaudited) Rate (%) Maturity date Par value^ Value U.S. Government and Agency obligations
More informationThe Delli Carpini Group at Morgan Stanley
The Delli Carpini Group at Morgan Stanley Tactical Investment Strategy. Comprehensive Wealth Planning. 522 Fifth Avenue 10th Floor, New York, NY 10036 212-603-6204 / MAIN 212-507-8242 / FAX https://fa.morganstanley.com/frank.dellicarpini
More informationRETAIL SALES & PERFORMANCE
RETAIL SALES & PERFORMANCE Executive Search For The Retail World P: 530.432.1966 www.retailsearchgroup.com RETAIL MONTHLY RESULTS April 2018 May 2018 March 2018 Total Change vs Sales (000) March 2017 March
More informationBUZZ NEXTGEN AI SERIES INDICES US Sentiment Leaders - November 2017 Monthly Index Rebalance. Powered by Artificial Intelligence OUT
Powered by Artificial Intelligence SUMMARY OF CHANGES IN OUT Valeant Pharmaceuticals Intern Walt Disney Co/The Lam Research Corp Walgreens Boots Alliance Inc Caterpillar Inc United Continental Holdings
More informationXBRL and Accounting Update. Presented by Avi Alpert
XBRL and Accounting Update Presented by Avi Alpert Toolbox for Finance: An Online Knowledge Sharing Community Mission Toolbox for Finance helps finance professionals do their jobs better by enabling them
More informationRockwell Automation Bank of America Merrill Lynch Global Industrials & EU Autos Conference
Rockwell Automation Bank of America Merrill Lynch Global Industrials & EU Autos Conference Patrick Goris Chief Financial Officer March 21, 2017 PUBLIC Copyright 2017 Rockwell Automation, Inc. All Rights
More informationBright Scholar (BEDU) Fourth Quarter and Fiscal Year 2018 Earnings Conference Call Thursday, November 8, :00AM ET
Bright Scholar (BEDU) Fourth Quarter and Fiscal Year 2018 Earnings Conference Call Thursday, November 8, 2018 8:00AM ET Company Representatives: Ruby Yim; Investor Relations Counsel Jerry He; Chief Executive
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period
More informationFirst Pacific Advisors, LLC
FPA U.S. Value Fund, Inc. (FPPFX) Fourth Quarter 2016 Webcast Presented by: Gregory Nathan FPA U.S. Value Fund, Inc. Q4 2016 Summary Summary: Continual lack of widespread value throughout the market However,
More informationHand Composite Employee Benefit Trust Western Asset Core Bond CIF
Western Asset Core Bond CIF Independent Auditor's Report and Financial Statements Contents Independent Auditor's Report... 1 Basic Financial Statements Statement of Assets and Liabilities Selected Fund...
More informationThe Monte Sano Group at Morgan Stanley. Amanda Mullins Todd McBride
The Monte Sano Group at Morgan Stanley Amanda Mullins Todd McBride 501 Madison Street Huntsville, AL 35801 256-535-2876 / MAIN 800-633-2947 / TOLL-FREE 256-585-6480 / FAX www.morganstanleyfa.com/montesanogroup
More informationThe Healthcare Revolution is Here: 8 Predictions for the Year Ahead
The Healthcare Revolution is Here: 8 Predictions for the Year Ahead From blockbuster deals, to unprecedented medical and technology breakthroughs, there is a major development in the healthcare industry
More informationGICS system sectors and industries
GICS system sectors and industries In studying the share markets any where around the world, it can be useful to compare companies that are somewhat similar in what they do. That is, for example, to compare
More informationPioneer Fund. Performance Analysis & Commentary December Fourth Quarter Review. amundipioneer.com
Pioneer Fund COMMENTARY Performance Analysis & Commentary December 2017 Fund Ticker Symbols: PIODX (Class A); PYODX (Class Y) amundipioneer.com Fourth Quarter Review The Fund s Class A shares returned
More informationProfessionalism and Ethics Course. Raya Feldman Department of Statistics & Applied Probability University of California Santa Barbara
Professionalism and Ethics Course Raya Feldman Department of Statistics & Applied Probability University of California Santa Barbara Actuarial Research Conference Indianapolis, June 23, 2015 UC Santa Barbara
More informationInvesco PowerShares Attribution Report PowerShares QQQ (QQQ) vs. S&P 500 Index
Invesco PowerShares Attribution Report PowerShares QQQ (QQQ) vs. S&P 500 Index March 31, 2018 Sources: Bloomberg, L.P., FactSet Research Systems, as of March 31, 2018. Not FDIC Insured May Lose Value No
More information2014 Student Experience at the Research University (SERU) Item Frequencies and Means - Ethnicity by College - Asian Amer. N % Hispanic Amer.
2014 Student Experience at the Research University (SERU) Item Frequencies and s - Ethnicity by College - University of Washington, Seattle School of Business Q006.1 Q006.2 Q006.3 Contributed to a class
More informationRETAIL SALES & PERFORMANCE
RETAIL SALES & PERFORMANCE Executive Search For The Retail World P: 530.432.1966 www.retailsearchgroup.com RETAIL MONTHLY RESULTS December 2015 December 2015 Change vs December 2014 December 2015 change
More informationChipotle Employee Benefits
Chipotle Employee Benefits 1 / 6 2 / 6 3 / 6 Chipotle Employee Benefits 401k: Our 401K includes a company match after 1 year of employment and all funds are fully vested from day one. EMPLOYEE STOCK PURCHASE
More informationThe Realities of Private Equity and Hedge Fund Transparency and Fair Valuation
NORTHERN TRUST 2010 INSTITUTIONAL CLIENT CONFERENCE Reaching for the New Gold Standard of Investing The Realities of Private Equity and Hedge Fund Transparency and Fair Valuation David L. Larsen Duff &
More informationCORNERSTONE SCHOOLS ASSOCIATION Detroit, Michigan
Detroit, Michigan FINANCIAL STATEMENTS Including Independent Auditors' Report TABLE OF CONTENTS Independent Auditors' Report 1 Financial Statements Statements of Financial Position 2 Statements of Activities
More informationSchafer Cullen Capital Management High Dividend Value
Product Type: Separate Account Manager Headquarters: New York, NY Total Staff: 56 Geography Focus: Domestic Year Founded: 1983 Investment Professionals: 21 Type of Portfolio: Equity Total AUM: $17,896
More information2017 FULL-TIME MBA PROGRAMS EMPLOYMENT REPORT TWO-YEAR MBA ONE-YEAR MBA
2017 FULL-TIME MBA PROGRAMS EMPLOYMENT REPORT TWO-YEAR MBA ONE-YEAR MBA TWO-YEAR MBA 94% 9 $119,665 average base salary Program Size: 166 GMAT 80% Range: 620-740 Average Years Worked: 6 CLASS PROFILE Women:
More informationUndergraduate Student Managed Fund Fall 2017 Portfolio Report. Team Gilson
Undergraduate Student Managed Fund Fall 2017 Portfolio Report SMF 1 Introduction Co-Lead Managers: Jack Leyland & Alex Barriga Portfolio Manager: Shawn McAuley Communications Manager: Anthony Mottolese
More informationUpdate on Uses of Cash and Subsequent Returns on Share Prices
Update on Uses of Cash and Subsequent Returns on Share Prices W. Mark Meierhoffer Practice Leader and Senior Consultant Takeaways Understand the build-up of Cash that has occurred Options for Cash usage
More informationInvestor Update. Third Quarter 2015
Investor Update Third Quarter 2015 November 3, 2015 Earnings Call Agenda STRATEGIC AND OPERATIONAL REVIEW Daniel McCarthy President & Chief Executive Officer FINANCIAL RESULTS John Jureller Executive Vice
More informationOctober 2017 Update of the AICPA Professional Literature
ALERTS AND AICPA GUIDES October 2017 Update of the AICPA Professional Literature The 2017 edition of the following AICPA Guides is being released: Brokers and Dealers in Securities (aag-brd) In recent
More informationCBRE GROUP, INC. Global Market Leader in Integrated Commercial Real Estate Services
CBRE GROUP, INC. Global Market Leader in Integrated Commercial Real Estate Services March 2016 FORWARD-LOOKING STATEMENTS This presentation contains statements that are forward looking within the meaning
More informationAlpha Advisors, Inc.
Item 1 Cover Page Alpha Advisors, Inc. 70 West Madison Street, Suite 5300 Chicago, IL 60602 (312) 263-7673 Lawrence H. Lucey, President Scott Rausch, Vice President This brochure provides information about
More informationJPMorgan Funds statistics report: Research Market Neutral Fund
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: Research Market Neutral Fund Offered on a limited basis - L Shares jpmorganfunds.com Table of contents PERFORMANCE ATTRIBUTION
More informationPersonal Financial Literacy
Personal Financial Literacy 7 Unit Overview Being financially literate means taking responsibility for learning how to manage your money. In this unit, you will learn about banking services that can help
More informationCredit Suisse Volaris US Strategies Fund Schedule of Investments April 30, 2016 (unaudited)
Schedule of Investments Shares COMMON STOCKS (87.9%) SWITZERLAND (1.0%) Garmin Ltd. 4,000 $ 170,520 170,520 UNITED STATES (86.9%) Aerospace & Defense (2.0%) BE Aerospace, Inc. 1,600 77,824 General Dynamics
More informationPORTFOLIO OF INVESTMENTS 1 ST QUARTER USAA AGGRESSIVE GROWTH FUND OCTOBER 31, 2018
PORTFOLIO OF INVESTMENTS 1 ST QUARTER USAA AGGRESSIVE GROWTH FUND OCTOBER 31, 2018 (Form N-Q) 48454-1218 2018, USAA. All rights reserved. PORTFOLIO OF INVESTMENTS USAA Aggressive Growth Fund October 31,
More informationUser s View OF XBRL September 13, 2006
User s View OF XBRL September 13, 2006 Mark Schnitzer Executive Director mark.schnitzer@morganstanley.com 212.761.5190 Morgan Stanley does and seeks to do business with companies covered in its research
More informationOpportunity Portfolio. 3 rd Quarter, 2018
Opportunity Portfolio 3 rd Quarter, 2018 Table of Contents Company Overview 3-5 Opportunity Portfolio Characteristics/Goals 6 Investment Process 7 Investment Themes 8 Risk & Sell Disciplines 9 Ten Largest
More informationAccounting I. StraighterLine does not apply letter grades. Students earn a score as a percentage of 100%. A passing percentage is 70% or higher.
Accounting I Course Text Wild, John J., Kermit D. Larson, and Barbara Chiapetta. Fundamental Accounting Principles, Volume 1, 18th edition. McGraw-Hill/Irwin, 2007. ISBN 0-07-328661-3 Course Description
More informationCredit Suisse Volaris US Strategies Fund Schedule of Investments May 31, 2016 (unaudited)
Schedule of Investments Shares Value COMMON STOCKS (87.4%) SWITZERLAND (1.0%) Garmin Ltd. 4,000 $ 170,080 170,080 UNITED STATES (86.4%) Aerospace & Defense (2.0%) BE Aerospace, Inc. 1,600 76,224 General
More informationBUZZ NEXTGEN AI SERIES INDICES US Sentiment Leaders - September 2017 Monthly Index Rebalance. Powered by Artificial Intelligence OUT
Powered by Artificial Intelligence SUMMARY OF CHANGES IN OUT Ulta Beauty Inc Netflix Inc Lowe s Cos Inc Intuitive Surgical Inc Oracle Corp Priceline Group Inc/The Best Buy Co Inc CenturyLink Inc Incyte
More informationBUZZ US SENTIMENT LEADERS ETF INSIGHTS November Powered by Artificial Intelligence BUZ
Z US SENTIMENT LEADERS ETF INSIGHTS November 2017 NYSE ARCA Powered by Artificial Intelligence Key TAKEAWAYS The Z US Sentiment Leaders ETF () returned 1.99% for the month of November. Despite trailing
More informationUniversity Fund. Why I Give
University Fund MAKE A TANGIBLE IMPACT ON OUR STUDENTS. Funding from the commonwealth addresses less than 35% of the real cost associated with educating a student today, and tuition and fees alone do not
More informationRapid returns for the insurance industry with Atos Fraud & Claims Management
Fraud & Claims Management Rapid returns for the insurance industry with Atos Fraud & Claims Management Trusted partner for your Digital Journey The state of play Insurers are being squeezed from every
More informationJPMorgan Funds statistics report: Research Market Neutral Fund
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: Research Market Neutral Fund Offered on a limited basis - L Shares jpmorganfunds.com Table of contents PERFORMANCE ATTRIBUTION
More informationTHE DURSO WEALTH MANAGEMENT GROUP AT MORGAN STANLEY
Morgan Stanley 20 Linden Place Red Bank, NJ 07701 (732) 936-3400 AT MORGAN STANLEY AT MORGAN STANLEY DISCRETIONARY PORTFOLIO MANAGEMENT INVESTMENT STRATEGIES Investments and services offered through Morgan
More informationMPI. M&A Market Snapshot Q Valuation Opinions & Transaction Advisory.
Valuation Opinions & Transaction Advisory M&A Market Snapshot Q2 2014 www.mpival.com Contents 02 Total U.S. Market Activity Increasing volume and ripe deal conditions 03 Capital Market Performance Growth
More information99 Problems But A Risk Ain t One
99 Problems But A Risk Ain t One Enterprise Risk and Security in the Government Context Risk Management Branch & Government Security Office Security Day, Information Security Branch, Office of the Chief
More informationForward-Looking Statements
March 2017 Forward-Looking Statements Certain information contained in this presentation, particularly information regarding future economic performance, finances, and expectations and objectives of management
More informationChabot College Fall 2007 Student Accreditation Survey: All Students
Chabot College Student Accreditation Survey: Student Sample October 2007 Percentage Distribution of All Survey Items Based on a sample of 1,379 student course enrollments Percentage who were Percentage
More informationThis is How Is Capital Budgeting Used to Make Decisions?, chapter 8 from the book Accounting for Managers (index.html) (v. 1.0).
This is How Is Capital Budgeting Used to Make Decisions?, chapter 8 from the book Accounting for Managers (index.html) (v. 1.0). This book is licensed under a Creative Commons by-nc-sa 3.0 (http://creativecommons.org/licenses/by-nc-sa/
More informationCopyright 2009 The Learning House, Inc. Accounting Organizations & Basic Precepts Page 1 of 12
The Learning House, Inc. Accounting Organizations & Basic Precepts Page 1 of 12 Introduction Accounting Organizations and Basic Precepts For many students, Principles of Accounting is their first taste
More informationANNUAL MEETING OF STOCKHOLDERS. April 8, 2014
ANNUAL MEETING OF STOCKHOLDERS April 8, 2014 Cautionary Statement A number of statements in our presentations, the accompanying slides and the responses to your questions are forward-looking statements.
More informationTHE BOTTOM LINE CORPORATE PENSIONS: A Look Beyond the Funded Status of Corporate Pensions EXECUTIVE SUMMARY. Dan Kutliroff Head of Solutions Strategy
CORPORATE PENSIONS: THE BOTTOM LINE A Look Beyond the Funded Status of Corporate Pensions EXECUTIVE SUMMARY The damage done to corporate pension plans sits high on the list of many lasting impacts of the
More informationREADABILITY OF ANNUAL REPORTS FOR TOP 10 S&P FIRMS A COMPARISON AMONG MEASURES
READABILITY OF ANNUAL REPORTS FOR TOP 10 S&P FIRMS A COMPARISON AMONG MEASURES Xuan Huang, College of Business Administration, California State University, Long Beach, 1250 Bellflower Blvd, Long Beach,
More informationVTV Vanguard Value ETF
Vanguard Value ETF ETF.com segment: Equity: U.S. - Large Cap Value Competing ETFs: IWD, SCHV, MGV, VONV, PWV Related ETF Channels: North America, U.S., Smart-Beta ETFs, Large Cap, Equity, Size and Style,
More informationRevenue Recognition: SAB 74 Disclosures
The U.S. Securities and Exchange Commission s (SEC) Staff Accounting Bulletin No. 74, (SAB 74) Disclosure of the Impact That Recently Issued Accounting Standards Will Have on the Financial Statements of
More informationDynamic Large Cap Value Equity
Dynamic Large Cap Value Equity Strategy Profile OBJECTIVE We seek to outperform the Russell 1000 Value Index by investing quantitatively in undervalued large-cap stocks, as identified by a low price-to-earnings
More informationRestaurant staff compensation idea for BBRG turnaround. Doug Bennett December 2017
Restaurant staff compensation idea for BBRG turnaround Doug Bennett December 2017 BBRG s goal to offer highest quality service everyday 1 BBRG currently off track BRAVO! and BRIO avg. restaurant sales
More informationP-CARD SPRING TRAINING FAIR TERRITORY JIM DANIELS & MIKE KINGERY FINANCIAL SERVICES FINANCIAL CONTROLS
P-CARD SPRING TRAINING FAIR TERRITORY JIM DANIELS & MIKE KINGERY FINANCIAL SERVICES FINANCIAL CONTROLS FY 2013 PCARD REVIEWS AT ASU HOW DID IT GO? The most common issues we find with PCard reviews are:
More informationItem 2 - Material Changes
NFG Wealth Advisors LLC 1550 Madruga Avenue Suite 500 Coral Gables, Fl 33146 aneto@nfgwealth.com www.nfgwealth.com Form ADV Part 2A March 21 st, 2018 Item 1 Cover Page This brochure provides information
More informationBUZ NYSE ARCA. Powered by Artificial Intelligence. BUZZ US SENTIMENT LEADERS ETF June 2018 Monthly Index Rebalance OUT SUMMARY OF CHANGES
Z US SENTIMENT LEADERS ETF Powered by Artificial Intelligence SUMMARY OF CHANGES IN salesforce.com Inc Palo Alto Networks Inc Sprint Corp Costco Wholesale Corp Macy s Inc Target Corp NIKE Inc Splunk Inc
More informationVerus Monthly Market Insights
May 2018 May 2018 S&P/TSX Composite Index reported strong growth this month but remains negative for the year The S&P/TSX Composite Index rose 2.91% through the month of May on a price-only basis. Of the
More informationAnnualized PERFORMANCE
QUARTERLY SUMMARY US Large-Cap Equity Income SMA As of December 3, 208 PORTFOLIO MANAGER: John D. Linehan JOINED FIRM: 998 INVESTMENT APPROACH Employ a conservative, value-oriented investment approach
More informationW W E Q 4 A N D F U L L Y E A R R E S U LT S F E B R U A R Y 8,
W W E Q 4 A N D F U L L Y E A R 2 0 7 R E S U LT S F E B R U A R Y 8, 2 0 8 Forward-Looking Statements This presentation contains forward-looking statements pursuant to the safe harbor provisions of the
More informationBowden Investment Group
In this business if you're good, you're right six times out of ten. You're never going to be right nine times out of ten. - Peter Lynch Bowden Investment Group 2011 Annual Report Bowden Investment Group
More informationThe Health Care Fortune Slide Series, Volume 57 February, 2018
The Health Care Fortune 500 5 Slide Series, Volume 57 February, 2018 1 Background Fortune groups companies into 21 sectors. This edition of the 5 Slide Series analyzes the 2017 health care sector Fortune
More informationActuarial Science, M.S.
Actuarial Science, M.S. 1 Actuarial Science, M.S. FOX SCHOOL OF BUSINESS AND MANAGEMENT (http://www.fox.temple.edu) About the Program The Fox School of Business and Management has a longstanding tradition
More informationOrganizations Under Financial Accounting Standard Board Guidance
Analyze Reporting Requirements For Notfor-profit Organizations Under Financial Accounting Standard Board Guidance Topic 4 Quality Indicators for Financial Reporting Standards Organizations (December 15).
More informationEstimation and Confidence Intervals
Estimation and Confidence Intervals Chapter 9 McGraw-Hill/Irwin Copyright 2010 by The McGraw-Hill Companies, Inc. All rights reserved. GOALS 1. Define a point estimate. 2. Define level of confidence. 3.
More informationWhat can I do with a Major in Math?
W h Click or tap here to enter text. What can I do with a Major in Math? I CAN GO IN TO CAREER AREA Education Teaching Research AND POSSIBLY WORK FOR DOING THIS CAN HELP ME GET THERE SAMPLE COMPANIES SAMPLE
More informationAnnual Program Review ACADEMIC AFFAIRS - SAN JOSÉ CITY COLLEGE PROGRAM: Accounting Program. PREPARED BY: Linda Ferrell
2015-2016 Annual Program Review ACADEMIC AFFAIRS - SAN JOSÉ CITY COLLEGE PROGRAM: Accounting Program PREPARED BY: Linda Ferrell ADMINISTRATOR: Ingrid Thompson EVALUATION YEAR (INDICATE ONE): ONE TWO THREE
More informationDividend Builder Fund
Dividend Builder Fund Review of the 4 th Quarter 2017 For registered investment professional use only Contents 2 Introduction to fund Market performance Summary fund performance Performance drivers and
More informationJPMCB Equity Index Fund
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMCB Equity Index Fund Data as of September 30, 202 Fund overview Objective The Fund seeks investment results that correspond to the aggregate price and
More informationJPMorgan Funds statistics report: High Yield Fund
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: High Yield Fund Must be preceded or accompanied by a prospectus. jpmorganfunds.com Table of contents PERFORMANCE DURATION
More informationBusiness. Associate in Science in Business Administration for Transfer (ADT: A.S.-T)
Associate in Science in Business Administration for Transfer (ADT: A.S.-T) This curriculum is designed to provide an opportunity for Business majors to achieve an associate in science degree in business
More informationINTERIM MANAGEMENT REPORT OF FUND PERFORMANCE. NBI U.S. Dividend Fund (formerly National Bank U.S. Dividend Fund) For the period ended June 30, 2017
INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE For the period ended June 0, 07 Global Equity Funds NBI U.S. Dividend Fund (formerly National Bank U.S. Dividend Fund) Notes on forward-looking statements
More informationFINANCIAL STATEMENTS ASIAN AND PACIFIC ISLANDER AMERICAN SCHOLARSHIP FUND
FINANCIAL STATEMENTS ASIAN AND PACIFIC ISLANDER AMERICAN SCHOLARSHIP FUND FOR THEYEAR ENDED JUNE 30, 2017 CONTENTS PAGE NO. INDEPENDENT AUDITOR'S REPORT 2 EXHIBIT A - Statement of Financial Position, as
More information